Legal Question in Wills and Trusts in Illinois
My son who is 20 years old is a college studnet and not yet independent by IRS guidelines. He has some fairly significant property and cash assets in his name alone. Will those assets pass back to us, his parents, upon his death or would they be tied up in probate without a will to direct those to a specific party?
My father passed away recently and I am executor so I have a heightened awareness of estate issues. Most college aged kids don't have enough tangible property or cash assets to be concerned about but in my son's case that is not true.
2 Answers from Attorneys
If they are held in his name only, they would go through probate and then distributed to his heirs in accordance with Illinois law. If he made a will, they would still go through probate, but would be distributed under the terms of the will. If his assets are significant and the desire is to avoid a probate, a living trust would do the trick.
If he does not have a wife or any children then his "heirs" are his parents and his siblings in equal shares.
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